Core Viewpoint - Huibo Yuntong (301316.SZ) is advancing its major asset restructuring by acquiring a controlling stake in Baode Computer Systems Co., Ltd. through a cash transaction involving its controlling shareholder's affiliates and Zhejiang state-owned assets [2][3][4]. Group 1: Acquisition Details - Huibo Yuntong's controlling shareholder's affiliate, Beijing Shenhui Jinwei Yuan Information Industry Partnership, plans to acquire 22.0875% of Baode Computer for approximately 9.93 billion cash, gaining control [2][3]. - Zhejiang state-owned assets will simultaneously acquire 10% of Baode Computer for 4.5 billion cash, bringing the total transaction value to about 14.4 billion based on Baode's 45 billion valuation [3][4]. Group 2: Strategic Implications - The acquisition addresses concerns regarding Huibo Yuntong's previous restructuring plan, which lacked the involvement of Baode's major shareholder, leading to fears of "paper control" [4][5]. - The new acquisition structure allows Huibo Yuntong to set performance commitments with Baode's major shareholders, ensuring that net profits for 2026-2028 meet projected values, with penalties for non-compliance [7][8]. Group 3: Financial Support and Risk Mitigation - The total cash from the affiliates and Zhejiang state-owned assets will be used to resolve Baode's previous financial issues, thereby reducing investment risks for Huibo Yuntong [7][8]. - The involvement of multiple state-owned entities in the acquisition signals strong backing for Huibo Yuntong's restructuring efforts, enhancing market confidence [8][9]. Group 4: Future Expectations - The collaboration among various parties suggests an expectation that Huibo Yuntong will ultimately acquire 100% of Baode Computer, with strategic partnerships in place to support this goal [8][9]. - The restructuring plan also includes strategic investors like Changjiang Industrial Investment Group, further solidifying the financial foundation for the acquisition [9][10].